If you’ve ever doubted the popularity of First Generation Mustangs, this 1969 Fastback proves that the passion for these classics is alive and well. It is a stalled project that spent twenty-five years in storage. It is missing a few key components, but its lack of significant rust has caught the eye of people seeking a blank canvas project. The Mustang is listed here on eBay in Willoughby, Ohio. Bidding has raced to $13,200 as a result of intense action. Those wishing to bypass the auction process could hit the BIN button at $19,500.

There’s a bit to unpack about a Mustang that is missing some key components. The seller says a previous owner dismantled the car for a planned restoration, but the process stalled early. It has led a colorful life, with the various shades across the car almost perfectly camouflaging its original Candy Apple Red paint. It would be easy to dismiss this classic and place it in the “too hard” basket, but digging deeper reveals enough good news to justify the interest it has generated. Below the multiple hues is solid steel, which the seller claims is original to this car. The exception is the trunk lid, which is a new reproduction. Exterior rust is confined to the typical spots in the lower door corners. These are patchable, and many readers would pursue that path rather than bolt on non-original items. Key areas like the lower rear quarter panels and rockers show no signs of problems. However, history demonstrates that exterior rust can sometimes be the tip of the iceberg with First Generation Mustangs. That isn’t the case here because, apart from areas of heavy surface corrosion, there is no steel penetration under this classic. The rails and torque boxes look perfect, and the trunk pan is rock-sold. The floor pans are also intact, with the seller indicating there are a couple of soft spots. They feel patches would be a viable solution, although a perfectionist would probably opt for replacement to achieve a high-end result. The previous owner made a passable attempt at preventing further deterioration by repainting the engine bay and the inner floors and trunk pan. The work quality is, to be diplomatic, pretty awful. The paint looks like it has been applied using a bicycle pump at twenty paces, meaning the winning bidder will undoubtedly strip it away and start from square one. I would go as far as to say that with this Mustang in its current form, dismantling it to the last nut and bolt and media blasting the entire shell would be the best approach to minimize the chances of future rust issues. The body is missing a selection of trim pieces, but the glass is intact and looks serviceable.

The VIN confirms this Mustang rolled off the showroom floor equipped with a 302ci V8 that produced 220hp and 300 ft/lbs of torque. Shifting duties fell to a three-speed automatic transmission, although it is unclear whether it featured such luxuries as power assistance for the steering and brakes. The listing suggests the engine and transmission were pulled as the restoration started, but it seems they disappeared many moons ago. From a mechanical standpoint, this Fastback is a “what you see is what you get” proposition. That leaves the new owner with a wide range of options to consider. Sourcing period-correct components shouldn’t prove a hurdle, which is what those considering a faithful refurbishment might do. Slotting something more potent under the hood to create a Mach 1 Tribute would be viable, as would throwing caution to the wind and bolting in newer components for a restomod build. There are no right or wrong answers, only a dream for the winning bidder to fulfill.

The Mustang’s interior initially looks daunting, but the news is far more positive than the images suggest. Most of the significant components, including the seats, are intact. They have been dismantled and require restoration. However, the seller includes a new upholstery set, throwing in a carpet set for good measure. A new headliner is partially installed, with the seller indicating it looks okay. The shopping list will include a selection of smaller trim items, a dash pad, and possibly door trims. The winning bidder faces splashing some cash inside this classic. Still, it might also represent the cheapest aspect of the build courtesy of the ready availability and affordability of reproduction items.

I previously mentioned the ongoing popularity of First Generation Mustangs, and the twenty-eight bids submitted on this 1969 Fastback confirm that statement. It isn’t a project someone will complete with a few weekends of hard labor in a home workshop, but returning it to its former glory won’t involve hundreds of hours and thousands of dollars in rust repairs. The intense bidding action makes me believe that someone might throw caution to the wind and hit the BIN button well before bidding reaches that figure. Would you do that, or would you stand your ground and hope for the best?